The Spanish government has estimated that €14.88 billion of its exports to the United States will be directly impacted by the tariffs imposed by the Trump administration.

This figure was confirmed by the Minister of Economy, Carlos Cuerpo, during a press conference following a Cabinet meeting where a comprehensive ‘commercial response and relaunch plan’ was approved.

This plan encompasses €14.1 billion, which includes €7.4 billion in new financing and €6.7 billion from existing financial instruments redirected towards the initiative.

The measures activated under a royal decree-law include a financial allocation of €7.72 billion.

This amount is divided into €5 billion for the ICO guarantees aimed at helping businesses with liquidity needs and potential industrial reconversion processes, particularly for those significantly exposed to the U.S. market.

Additionally, the fund for internationalization of Spanish businesses will receive an additional margin of €720 million to help companies diversify their exports and strengthen their presence in the United States, intended to mitigate risks and enhance resilience.

Furthermore, there is a provision of €2 billion aimed at supporting the internationalization efforts through the CESCE and its ‘CARI’ system, which functions similarly to an interest rate insurance to assist Spanish exports of goods and services.

Minister Cuerpo emphasized caution regarding the economic implications of the tariffs, labeling it 'premature' to assess their impact on Spain's GDP due to the prevailing uncertainties, such as the duration of these tariffs.

His comments appeared to partially critique the assessments provided by institutions such as Funcas, BBVA Research, CaixaBank, and Fedea, which have suggested that the immediate macroeconomic impact would be minimal, around half a percentage point of GDP.

Cuerpo acknowledged that Spain's direct exposure to Trump's tariff policy is comparatively lower than that of other European nations.

However, he noted the potential for secondary effects resulting from indirect exposure, particularly concerning the automotive components industry in Spain that supplies Germany, which in turn exports to the United States.

The Minister highlighted that the government would continue to monitor the situation closely, evaluating the competitiveness of Spanish businesses in this evolving trade environment, and adjusting support measures as necessary.

Following the Cabinet meeting, Cuerpo convened the inaugural ‘Interministerial Commission for Commercial Response and Relaunch,’ tasked with coordinating the implementation of these measures.

He reiterated his commitment to constructive dialogue with political groups to ensure parliamentary approval of the new decree law, despite criticisms from the main opposition party regarding the lack of inclusion of their proposals.